Reinsurance News
InsurTech news
Insurance and reinsurance technology related news, focused on the wave of interest in InsurTech start-ups, investing in insurance technology initiatives, as well as reinsurance tech start-ups or ReinsurTech.
MSIG eyes further digital transformation with Plug and Play partnership
7th August 2018
Tokyo-headquartered general insurer MSIG Insurance has expanded its potential to access and leverage new technologies by partnering with startup accelerator and corporate innovation platform, Plug and Play. As part of the deal, MSIG becomes a founding anchor partner of Plug and Play’s Insurtech platform in Singapore and will be able to ... Read the full article
Usage-Based Insurance solutions no longer niche: Ptolemus
6th August 2018
Ptolemus, a location-based services and telematics advisory firm, has detailed the growth and current state of Usage-Based Insurance (UBI) products in a new report. The impact of phone apps is particularly visible in China, says Ptolemus, where recent regulatory changes created an estimated 1.8 million smartphone insurance policies. Statistics also show that UBI ... Read the full article
Blocksure launches new blockchain insurance platform
3rd August 2018
London-based firm, Blocksure, has launched a new blockchain insurance industry platform that it says will cut back-office costs by up to half. Blocksure OS is a microservice architecture with R3’s Corda platform at its core. The platform’s APIs allow integration with any third-party service such as rating engines, AI, analytics software ... Read the full article
ZhongAn partners with Orig3n on new healthtech offerings
3rd August 2018
China’s largest online-only insurer, ZhongAn, has partnered with Boston-based biotech company Orig3n in a move that brings new healthtech solutions to its 500 million Chinese customers. Having previously raised $1.5 billion during its oversubscribed IPO on the Hong Kong stock exchange in late 2017, ZhongAn was the first online-only insurer in ... Read the full article
Parametric insurtech FloodFlash secures $1.9m in seed funding
3rd August 2018
FoodFlash, an insurtech that offers parametric insurance solutions to previously un-insurable flood risks, has raised $1.9 million in seed funding from LocalGlobe, Pentech Ventures and InsurTech Gateway. FloodFlash leverages internet-connected water sensors to trigger a pre-agreed fixed sum immediately to a policyholder. An example of event-based insurance, settlement is made based on ... Read the full article
Arch Capital provides underwriting capacity to insurtech MGA C-Quence
2nd August 2018
Bermuda-based re/insurance firm, Arch Capital, is to provide underwriting capacity to C-Quence, a new insurtech MGA founded in 2017. Long-term financial backing has been provided by investment holding company Primary Group. “Our ambition is to transform mid-market commercial insurance provision in our target markets of the UK and Ireland by radically improving broker and ... Read the full article
Technology creating new area of competition for Asian reinsurers: Fitch Ratings
2nd August 2018
Reinsurers in Asia have recently embraced technology to improve their services to insurance clients and end-customers, says Fitch Ratings. The faster processing of reinsurance transactions means an improved service for insurance clients who are able to speed up processes for their policyholders. These increasingly sophisticated tools allow for automated data analysis ... Read the full article
Drone InsurTech firm Betterview develops new AI driven roof analysis product
1st August 2018
Betterview, an insurance technology and drone start-up firm that is backed by Munich Re and Maiden Re, has launched a new product that uses artificial intelligence (AI) to analyse the characteristics and risks of a property and its roof, called Property Profile. Property Profile uses satellite imagery and historical weather data ... Read the full article
Liberty Specialty’s Toredo trading platform underwrites first risk
1st August 2018
Toredo, the web-based platform launched by Liberty Specialty Markets (LSM) earlier this year for the transaction of specialised trade credit insurance, has underwritten its first risk. In March, LSM partnered with The Channel Syndicate and Canopius to form a $27 billion consortium – the London Credit Consortium – to ... Read the full article
AXIS Capital launches new unit dedicated to forging Insurtech partnerships
31st July 2018
Bermudian re/insurance group AXIS Capital has announced the launch of AXIS Digital Ventures, a new data and analytics-focused unit aimed at sourcing Insurtech partnerships in hopes of accessing new technologies with re/insurance applications. Zach Powell, who previously served as Director of Corporate Development at AXIS, has been appointed as the Head ... Read the full article
European insurers among backers of BlackFin, the continent’s largest fintech fund
30th July 2018
A number European insurers have backed BlackFin Capital Partners, now the continents’ largest fintech investment fund. Swiss Life, Securex Insurance and MACIF joined a number of Top-tier institutional investors in a pool that raised €180 million its fintech venture capital fund, BlackFin Tech 1, in its final round. BlackFin has positioned itself ... Read the full article
XL Catlin to offer first on-demand cyber insurance product
25th July 2018
XL Catlin has partnered with cloud-based Insurtech firm Slice Labs to create what it claims to be the first ever on-demand cyber insurance product for small and medium-sized businesses. The subscription and usage-based product will be built on the Slice Insurance Cloud Services platform and is to include services designed to ... Read the full article
Praedicat insurtech firm launches new chemical analysis product
25th July 2018
Praedicat, an InsurTech analytics company, has announced the launch of ChemMeta; a product that provides clients with tools to monitor and evaluate the latest regulatory and environmental information on the chemicals it uses. ChemMeta leverages natural language processing and machine learning to “read” and convert high volumes of toxicology and environmental ... Read the full article
Insurtech positioned to reconfigure insurers’ business models, say analysts
25th July 2018
A rapid evolution over the past three years has shifted the narrative surrounding insurtech startups and positioned insurers to re-calibrate the way we classify the industry and its role in society, says global startup accelerator Startupbootcamp InsurTech (SBC), and multinational professional services network, PwC. SBC says debate was initially focused on ... Read the full article
Tokio Marine co-leads $90mn funding for Metromile start-up
24th July 2018
Tokio Marine Holdings and Intact Financial, a North American property and casualty (P&C) insurer, have co-led a $90 million Series E funding drive for Metromile Inc., a San Francisco based car insurance start-up that utilises a pay-per-mile model and fully automated claims experience. Metromile said it plans to use the funds ... Read the full article
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